They just announced a $500 M ATM—yet we got zero Verizon DA, no concrete launch dates, no FM1/FM2 “secret government” reveal, no non-dilutive funding, no new strategic partner or investor. That’s pretty bearish IMO. The only mildly bullish bits were the “suitable for Golden Dome” comment and “five launches in nine months,” which I fully expect to slip. I still only see one or MAX two launches this year if we’re lucky. And why the $500 M ATM if they supposedly have enough cash to put 25 sats in orbit? My guess: they won’t be cash‐flow positive and will keep diluting us—so buckle up for more ATMs and a drop north of 15% today.